Investment Commentary – May 12, 2025
Executive Summary Last week, the markets closed on a cautious note, with both stocks and bonds fluctuating amid anticipation of renewed trade negotiations between the world’s two largest economies. Investors showed restraint, avoiding riskier positioning amid speculation that, while the upcoming discussions between Chinese and American officials might mark a diplomatic thaw, a meaningful agreement […]
April Recap: Rising Policy Uncertainty Leads to Increased Market Volatility
Monthly Market Summary Markets Rebound from an Early-Month Selloff as Trade Tensions Ease Stocks declined in early April after the White House unveiled sweeping tariffs, with the S&P 500 falling over -10% in the first week. However, after the administration paused tariffs and trade tensions eased, the S&P 500 rebounded to finish the month with […]
Investment Commentary – May 5, 2025
Equities The S&P 500 returned +2.9% to complete a stunning rebound and recover all losses since “Liberation Day” (April 2). News of increased diplomacy with China on trade, and a jobs report that showed a labor market that is cooling but resilient, calmed markets. While the GDP report showed that the economy contracted in the […]
‘Sell in May and go away’? Wealth advisors say, maybe not
Chief Investment Officer Stuart Katz was featured in InvestmentNews discussing the seasonal investing adage, “Sell in May and go away.” “While seasonality can influence sentiment, long-term fundamentals are what ultimately drive returns,” said Katz. Read more here.
Investment Commentary – April 28, 2025
Executive Summary The “soft” negative survey data has yet to show up in the “hard” economic data. The U.S. Market preliminary manufacturing PMI came in above estimates at 50.7. The services side came in below estimates but still an expansionary 51.4. U.S. equities outperformed European stocks last week but are still underperforming by 17% YTD. […]
US stocks nosedive as Trump harangues Powell
Chief Investment Officer Stuart Katz was quoted in Reuters discussing market volatility following President Trump’s comments about Fed Chair Powell. “President Trump’s threat to fire Fed Chair Powell adds a new vector of uncertainty to the mix,” said Katz. “Right now, the market is feeling its way through the dark and doesn’t know quite how […]
Investment Commentary – April 21, 2025
Executive Summary Last week was another round of “headline roulette” where Trump claimed a trade deal with the EU was imminent (though he provided no details or timeline); Trump was more specific about a U.S.-Ukraine minerals accord, saying a deal would be signed in a week; Trump addressed Powell on social media, saying his removal […]
Investment Commentary – April 14, 2025
Executive Summary A few themes jumped out to us last week including softer inflation readings and encouraging bank earnings season reports and guidance. The parts of the consumer price index (CPI) report that had the softest pricing were more discretionary items like airfare and lodging away from home. Shelter came in at only 0.2% m/m, […]
Investment Commentary – April 7, 2025
Executive Summary Corporates and consumers have become more conservative recently based on recent data, which has yet to reflect the full impact of the recent Tariff Tax Turmoil. The good news is that we have a largely domestic, services-oriented economy, and while tariffs are disruptive in the short-term, the impact can be contained if the […]
March Recap: The Market Navigates Economic and Policy Uncertainty
Monthly Market Summary Stocks fell in the first quarter after two consecutive years of gains exceeding +20%. The year started off strong, with the S&P 500 reaching a new all-time high in mid-February. However, sentiment shifted late in February amid rising policy uncertainty in Washington, and the S&P 500 ended the quarter down. There are […]
Market Recap: April 3, 2025
Watch Chief Economist Jeanette Garretty and Chief Investment Officer Stuart Katz discuss the recent tariffs announcement and its impact on markets.
Investment Office Quick Thoughts: April 3, 2025
We finally received the details on the scope of the Trump Administration Tariffs, and it’s beyond market consensus. Risk markets currently do not like the announcement, with stock futures currently down and the NASDAQ leading markets lower. Copper and oil are also falling in post-market trading, suggesting concerns about dimmer growth prospects. The Asia open seems more muted than the headlines would potentially justify.